South Korea’s Central Bank Urges Early Input on Stablecoin Approval

The Bank of Korea is advocating for its involvement from the very beginning of the approval process for stablecoins backed by the Korean Won, according to PANews. Ko Kyeong-cheol, head of the central bank’s electronic finance team, highlighted this stance at a recent financial law conference. He emphasized that stablecoins could significantly affect the Bank of Korea’s ability to implement monetary policy, ensure financial stability, and manage payment systems. His position calls for active participation in the approval process to mitigate potential negative effects on the Bank of Korea’s policy objectives.